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JNJ Ordered to Pay $130M to Swiss Basilea

By Market News Video Staff, Monday, November 29, 12:44 PM ET

Johnson & Johnson (NYSE:JNJ) shares are falling today after it was ordered to pay $130 million to former partner Basilea.

A Dutch arbitration panel rule J&J must pay the Swiss firm for a breach of the two companies’ licensing agreement for the antibiotic ceftobiprole.

J&J ended its deal with Basilea after European and U.S. regulators did not approve the drug.

Johnson & Johnson ran the trials for the drug, which regulators deemed insufficient, resulting in the reject of the drug, Basilea argued.

Johnson & Johnson shares are trading down 1.15% Monday.

J&J is the top holding in the Pharmaceutical HOLDRS (AMEX:PPH) fund, at 25.79% of the portfolio.

Pfizer (NYSE:PFE) is the second-largest holding, at 18.16% of the fund, followed by Merck (NYSE:MRK), at 16.48% of the portfolio.

Abbott Laboratories (NYSE:ABT) is 10.33% of the total, while Bristol-Myers Squibb (BMY) is 7.23% of the fund.

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